January to March total trade stands at $18.945 billion

Total external trade in goods for January to March 2004 amounted to $18.945 billion representing an increase of 6.4 percent from $17.812 billion during the same period last year. Total foreign-made merchandise as well grew by 6.4 percent to $9.752 billion from $9.162 billion. Similarly, exports registered a year-on-year growth rate of 6.3 percent to an aggregate dollar revenue of $9.193 billion from $8.650 billion a year earlier. Balance of trade in goods (BOT-G) deficit for the Philippines reached $559 million, compared to last years deficit of $512 million.

Figure 1A. Philippine Trade Performance in January - March :2003 and 2004
(F.O.B. Value in Million US Dollar)
 
 

Figure 1B. Philippine Trade Performance in March :2003 - 2004
(F.O.B. Value in Million US Dollar)
 
 

March imports increase by 4.4 percent

Total merchandise trade for March 2004 went up by 5.7 percent to $6.929 billion from $6.558 billion during the same period a year earlier. Dollar-inflow generated by exports amounted to $3.350 billion, or 7.1 percent higher than last years $3.129 billion. Likewise, expenditures for imported goods gained by 4.4 percent to $3.579 billion from $3.428 billion. The Balance of Trade in goods (BOT-G) deficit for the Philippines was registered at $228 million, compared to last years deficit at $299 million.

Electronic products account for 45.4 percent of import bill

Accounting for 45.4 percent of the total aggregate import bill, payments for electronic products amounted to $1.626 billion or 2.2 percent higher than last year's reported figure at $1.591 billion. Compared to the previous month's level, purchases also accelerated by 8.8 percent from $1.495 billion.

Imports of mineral fuels, lubricants and related materials ranked second with 11.3 percent share. Expenditures at $405.88 million, recorded a 9.0 percent increment over the previous level which stood at $372.44 million.

Industrial machinery and equipment, the third top import was worth $163.76 million, or a 14.7 percent increase from $142.81 million in the previous year.

Iron and steel accounting for 3.8 percent of the total imports, ranked fourth as foreign bill amounted to $134.98 million, higher by as much as 28.8 percent from last year's figure at $104.81 million.

Transport equipment, contributing 3.2 percent to the total bill, was RPs fifth top import for the month with payments placed at $114.92 million or a 10.7 percent drop than last years $128.65 million.

Expenditures for textile yarn, fabrics, made-up articles and related products, with a 2.3 percent share to the aggregate bill, declined by 17.6 percent to $82.80 million from $100.46 million in March 2003.

Rounding up the list of the top imports for March 2004 were: telecommunication equipment and electrical machinery, $81.75 million; plastics in primary and non-primary forms, $76.61 million; organic and inorganic chemical, $62.25 million; and cereals and cereal preparation, $57.90 million.

Aggregate payment for the countrys top ten imports for March 2004 amounted to $2.807 billion or 78.4 percent of the total bill.

Figure 2. Philippine Top Imports in March 2004
(F.O.B. Value in Million US Dollar)
 

Capital goods account for 40.1 percent of the total import bill

Capital goods comprising 40.1 percent of the aggregate bill increased by 6.4 percent year-on-year to $1.433 billion from $1.347 billion. The biggest share went to telecommunication equipment and electrical machinery with a 22.9 percent share of the total and valued at $818.47 million.

Payments for raw materials and intermediate goods consisting of unprocessed raw materials and semi-processed raw materials accounted for 38.3 percent of the aggregate bill, as importation inched up by 1.6 percent to $1.371 billion from last years reported figure of $1.350 billion.

Expenditures for mineral fuels, lubricants and related materials moved up by 9.0 percent to $405.88 million from $372.44 million during the same period of 2003.

Purchases of consumer goods valued at $221.07 million fell by 12.1 percent from $251.61 million in March 2003, while special transactions picked up by 36.7 percent to $147.21 million from $107.66 million.

Figure 3. Philippine Imports by Major Type of Goods in March: 2004
 

Japan corners 19.0 percent of march import bill

Imports from Japan accounting for 19.0 percent of the total import bill, grew by 3.1 percent to $679.29 million from $658.62 million during the same period a year ago. Similarly, exports to Japan, amounted to $678.32 million yielding a two-way trade value of $1.358 billion and a trade deficit for RP placed at $1.0 million.

United States, the countrys second biggest source of imports with an 18.0 percent share, reported shipments valued at $644.51 million against exports amounting to $562.15 million. Total trade amounted to $1.207 billion, with a trade deficit for the Philippines at $82.36 million.

Singapore, followed as RPs third biggest source of imports. With payments worth $295.23 million, imports climbed by 19.5 percent from $247.02 million, while revenue from RPs exports reached $214.13 million resulting to a total trade value of $509.37 million and an $81.10 million deficit for Philippines.

Other major sources of imports for the month of March were: Taiwan, $258.50 million; Republic of Korea, $235.58 million; Peoples Republic of China, $182.45 million; Malaysia, $158.81 million; Hong Kong, $137.80 million; Saudi Arabia, $130.64 million; and Thailand, $122.90 million.

Payments for imports from the top ten sources for the month amounted to $2.846 billion or 79.5 percent of the total.

Figure 4. Philippine Imports by Country in March: 2004
 

As of press time 61 out of 66,876 export documents and 101 out of 78,128 import documents are still expected from the ports.

Source:   National Statistics Office
                 Manila, Philippines